Vaxcyte (NASDAQ:PCVX) Shares Gap Down Following Weak Earnings

Key Points

• Vaxcyte, Inc. shares gapped down to $30.06 after reporting weaker than expected quarterly earnings, with a loss per share of ($1.22) compared to the consensus estimate of ($1.12).
• The stock has a strong analyst backing, with nine analysts rating it as a buy and a consensus price target of $136.50.
• Institutional investors hold 96.78% of Vaxcyte's stock, indicating strong institutional interest despite recent earnings setbacks.

Shares of Vaxcyte, Inc. (NASDAQ:PCVX - Get Free Report) gapped down before the market opened on Thursday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $33.00, but opened at $30.06. Vaxcyte shares last traded at $30.03, with a volume of 351,286 shares trading hands.

The company reported ($1.22) EPS for the quarter, missing the consensus estimate of ($1.12) by ($0.10). During the same period last year, the firm posted ($1.10) EPS.

Analyst Ratings Changes

Separately, Cantor Fitzgerald initiated coverage on shares of Vaxcyte in a report on Tuesday, April 22nd. They set an "overweight" rating on the stock. Nine investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus price target of $136.50.

Hedge Funds Weigh In On Vaxcyte

Hedge funds and other institutional investors have recently modified their holdings of the business. Campbell & CO Investment Adviser LLC purchased a new position in shares of Vaxcyte in the second quarter worth $2,414,000. Los Angeles Capital Management LLC purchased a new position in shares of Vaxcyte in the second quarter worth $1,283,000. C WorldWide Group Holding A S raised its holdings in shares of Vaxcyte by 105.3% in the second quarter. C WorldWide Group Holding A S now owns 195,000 shares of the company's stock worth $6,339,000 after buying an additional 100,000 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Vaxcyte by 7.6% in the second quarter. Bank of New York Mellon Corp now owns 449,694 shares of the company's stock worth $14,620,000 after buying an additional 31,680 shares during the last quarter. Finally, Bank of Montreal Can raised its holdings in shares of Vaxcyte by 4.2% during the second quarter. Bank of Montreal Can now owns 31,547 shares of the company's stock worth $1,026,000 after purchasing an additional 1,274 shares during the last quarter. 96.78% of the stock is currently owned by institutional investors.

Vaxcyte Price Performance

The company's fifty day moving average is $34.54 and its 200-day moving average is $49.47. The stock has a market cap of $3.90 billion, a PE ratio of -7.55 and a beta of 1.21.

About Vaxcyte

Vaxcyte, Inc, a clinical-stage biotechnology vaccine company, develops novel protein vaccines to prevent or treat bacterial infectious diseases. Its lead vaccine candidate is VAX-24, a 24-valent investigational pneumococcal conjugate vaccine for the prevention of invasive pneumococcal disease. The company also develops VAX-31 to protect against emerging strains and to help address antibiotic resistance; VAX-A1, a novel conjugate vaccine candidate to prevent disease caused by Group A Streptococcus; VAX-PG, a novel protein vaccine candidate targeting keystone pathogen responsible for periodontitis; and VAX-GI to prevent Shigella, a bacterial illness.

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